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The richest man in Asia is selling everything in China
by Simon Black on April 16, 2014
April 16, 2014
Sovereign Valley Farm, Chile
Here’s a guy you want to bet on– Li Ka-Shing.
Li is reportedly the richest person in Asia with a net worth well in excess of $30 billion, much of which he made being a shrewd property investor.
Li Ka-Shing was investing in mainland China back in the early 90s, way back before it became the trendy thing to do. Now, Li wants out of China. All of it.
Since August of last year, he’s dumped billions of dollars worth of his Chinese holdings. The latest is the $928 million sale of the Pacific Place shopping center in Beijing– this deal was inked just days ago.
Once the deal concludes, Li will no longer have any major property investments in mainland China.
This isn’t a person who became wealthy by being flippant and scared. So what does he see that nobody else seems to be paying much attention to?
Simple. China’s credit crunch.A
After years of unprecedented monetary expansion that has put the economy in a precarious state, the Chinese government has been desperately trying to reign in credit growth.
The shadow banking system alone is now worth 84% of GDP according to an estimate by JP Morgan. The IMF pegs total private credit at 230% of GDP, jumping by 100% in the last few years.
Historically, growth rates of these proportions have nearly always been followed by severe financial crises. And Chinese leaders are doing their best to engineer a ‘soft landing’.
If they’re successful, the world will only see major drops in global growth, stocks, property, and commodity prices.
If they fail, the spillover could become pandemic.
This isn’t important just for Asian property tycoons like Li Ka-Shing. Even if you don’t know Guangzhou from Hangzhou from Quanzhou, there are implications for the entire world.
Here in Chile is a great example.
Chile is among the top copper producers worldwide, China among its top consumers. With a major slowdown in China, however, copper prices have dropped considerably.
Consequently, the Chilean economy has slowed. The peso is down nearly 10% against the US dollar in recent months, and the central bank is slashing rates trying to prop up growth.
There are similar situations playing out across the globe.
Not to mention, China could put the entire global financial system on its back just by dumping a portion of its Treasuries in order to defend the yuan.
Now, you’d think that a major credit crunch with far-reaching consequences in the world’s second largest economy, its largest manufacturer, and its largest holder of US dollar reserves, would be constant front-page news.
But it’s not.
Most traditional investors are unaware that what’s happening in China will likely have far greater implications to their investment portfolios than the policies of Janet Yellen and Barack Obama combined. At least for now.
And folks who don’t see this coming and keep buying at the all-time high may see their portfolios turned upside down. Quickly.
At the same time, some investors who are conservative and cashed up may realize a real ‘blood in the streets’ moment.
Again, using Chile as an example, I’m starting to see over-leveraged property owners coming to the market in droves ready to make a deal. This is great news because my shareholders and I are able to buy far more property with US dollars than we could even just six months ago.
I expect this trend to hold given that China is just at the beginning of its process.
It’s said that the Chinese word for “crisis” is a combination of “danger” and “opportunity”.
This isn’t entirely accurate. ‘Weiji’ can have several meanings, but is probably best translated as ‘dangerous’ and ‘crucial point’.
We may certainly be at that crucial point, and now might be a good time to take another look at your finances and consider selling before a major crash. The richest man in Asia certainly thinks so.
by Simon Black on April 16, 2014
April 16, 2014
Sovereign Valley Farm, Chile
Here’s a guy you want to bet on– Li Ka-Shing.
Li is reportedly the richest person in Asia with a net worth well in excess of $30 billion, much of which he made being a shrewd property investor.
Li Ka-Shing was investing in mainland China back in the early 90s, way back before it became the trendy thing to do. Now, Li wants out of China. All of it.
Since August of last year, he’s dumped billions of dollars worth of his Chinese holdings. The latest is the $928 million sale of the Pacific Place shopping center in Beijing– this deal was inked just days ago.
Once the deal concludes, Li will no longer have any major property investments in mainland China.
This isn’t a person who became wealthy by being flippant and scared. So what does he see that nobody else seems to be paying much attention to?
Simple. China’s credit crunch.A
After years of unprecedented monetary expansion that has put the economy in a precarious state, the Chinese government has been desperately trying to reign in credit growth.
The shadow banking system alone is now worth 84% of GDP according to an estimate by JP Morgan. The IMF pegs total private credit at 230% of GDP, jumping by 100% in the last few years.
Historically, growth rates of these proportions have nearly always been followed by severe financial crises. And Chinese leaders are doing their best to engineer a ‘soft landing’.
If they’re successful, the world will only see major drops in global growth, stocks, property, and commodity prices.
If they fail, the spillover could become pandemic.
This isn’t important just for Asian property tycoons like Li Ka-Shing. Even if you don’t know Guangzhou from Hangzhou from Quanzhou, there are implications for the entire world.
Here in Chile is a great example.
Chile is among the top copper producers worldwide, China among its top consumers. With a major slowdown in China, however, copper prices have dropped considerably.
Consequently, the Chilean economy has slowed. The peso is down nearly 10% against the US dollar in recent months, and the central bank is slashing rates trying to prop up growth.
There are similar situations playing out across the globe.
Not to mention, China could put the entire global financial system on its back just by dumping a portion of its Treasuries in order to defend the yuan.
Now, you’d think that a major credit crunch with far-reaching consequences in the world’s second largest economy, its largest manufacturer, and its largest holder of US dollar reserves, would be constant front-page news.
But it’s not.
Most traditional investors are unaware that what’s happening in China will likely have far greater implications to their investment portfolios than the policies of Janet Yellen and Barack Obama combined. At least for now.
And folks who don’t see this coming and keep buying at the all-time high may see their portfolios turned upside down. Quickly.
At the same time, some investors who are conservative and cashed up may realize a real ‘blood in the streets’ moment.
Again, using Chile as an example, I’m starting to see over-leveraged property owners coming to the market in droves ready to make a deal. This is great news because my shareholders and I are able to buy far more property with US dollars than we could even just six months ago.
I expect this trend to hold given that China is just at the beginning of its process.
It’s said that the Chinese word for “crisis” is a combination of “danger” and “opportunity”.
This isn’t entirely accurate. ‘Weiji’ can have several meanings, but is probably best translated as ‘dangerous’ and ‘crucial point’.
We may certainly be at that crucial point, and now might be a good time to take another look at your finances and consider selling before a major crash. The richest man in Asia certainly thinks so.
shuttler
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China's Q1 fiscal revenue up 9.3%
English.news.cn 2014-04-17 19:36:4
Link
BEIJING, April 17 (Xinhua) -- China's fiscal revenue climbed 9.3 percent year on year in the first quarter of 2014 to reach 3.5 trillion yuan (568.71 billion U.S. dollars), the Ministry of Finance (MOF) said on Thursday.
Central government revenue stood at 1.55 trillion yuan, up 6.4 percent year on year. Local government revenue stood at 1.95 trillion yuan, up 11.8 percent from the same period last year, the MOF said.
However, last month saw a year-on-year decline of 1.4 percent in central fiscal revenue as a result of slowing economic growth and increasing export tax rebates, according to the MOF.
The country's fiscal expenditure in the first three months rose 12.6 percent from the same period last year to 3.04 trillion yuan, the ministry said.
From January to March, double-digit expenditure growth was realized in agriculture, forestry, water conservancy, social security, employment, medical care and education.
China's consumption to continue booming: MOC
English.news.cn 2014-04-17
Link
BEIJING, April 17 (Xinhua) -- A Ministry of Commerce spokesman has predicted that multiple factors will drive China's consumption growth this year, after new data showed surging retail sales in the country.
People's rising income coupled with the new consumption power emerging amid China's urbanization and industrialization processes will both support consumption growth, Shen Danyang said at a press conference in Beijing on Thursday.
Government data released on Wednesday showed that the average per capita disposable income of both urban and rural residents grew 8.6 percent year on year in the first quarter of 2014.
Meanwhile, rising consumption of healthcare, travel, entertainment and information products as well as booming online shopping will further the trend, Shen said.
"We are basically optimistic in our view of the overall consumption market for this year," the spokesman said.
His remarks came after official data showed on Wednesday that the country's retail sales grew 12 percent year on year to 6.21 trillion yuan (1.01 trillion U.S. dollars) in the first quarter.
Shen said that the growth was boosted by the rapid expansion of online shopping, robust consumption in the catering sector, as well as purchases of electronic gadgets and travel packages.
The government data showed retail sales in rural areas rose 12.8 percent in the first quarter from the same period last year. Retail sales in urban areas climbed 11.8 percent in the same period.
China's industrial production picks up in March
English.news.cn 2014-04-16
Link
BEIJING, April 16 (Xinhua) -- China's industrial value added expanded by 8.8 percent in March from an average growth of 8.6 percent in the Jan-Feb period, the National Bureau of Statistics (NBS) said on Wednesday.
The value added of state-owned enterprises saw a 4.6-percent growth year on year in March, while that of joint stock companies expanded by 10.1 percent, according to the NBS data.
Last month, the value added of the manufacturing sector grew by 9.9 percent, while that of the mining industry grew by 2.9 percent.
The NBS said that industrial value added in March grew by 8.6, 7.9 and 10.4 percent in east, central and west China, respectively.
However, industrial value added in the first quarter slowed by 0.8 percentage points from the same period last year to a 8.7-percent growth, according to the official figures.
"March industrial production growth rose as expected, but we believe the rebound will be temporary," said Zhang Zhiwei, chief China economist with Japan's Nomura Securities.
Lu Zhengwei, chief economist at the Industrial Bank, attributed the sluggishness in industrial enterprises in the first quarter mainly to over-valued Renminbi.
"Reform in the exchange rate mechanism remains one of the priorities," said Lu.
China uses industrial value added to measure business activities of designated large enterprises each with an annual turnover of at least 20 million yuan (3.26 million U.S. dollars).
The total profits of such enterprises reached 779.3 billion yuan in the Jan-Feb period, up 9.4 percent year on year. The growth rate was lower than that for the whole of 2013, which stood at 12.2 percent. But it was notably higher than that for December.
Official data showed that the purchasing managers' index for the country's manufacturing sector rose to 50.3 percent in March, up from 50.2 percent in February. An improving reading indicates expansion in the manufacturing sector.
Along with slowed industrial production growth, the service sector continued to grow in the first three months and make a larger contribution to GDP growth.
NBS spokesman Sheng Laiyun said the trend indicated that the Chinese economy is shifting from an industry-led growth to a service-led one.
"We should adopt a new perspective to see the changes in the Chinese economy," said Sheng.
Last edited:
shuttler
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Chinese incomes continue surging in Q1
English.news.cn 2014-04-16 12:32:18
Link
BEIJING, April 16 (Xinhua) -- The average incomes of China's urban and rural residents continued to rise in the first quarter of 2014, revealed the National Bureau of Statistics (NBS) on Wednesday.
The average per capita disposable income rose 11.1 percent year on year to 5,562 yuan (908.82 U.S. dollars) in the first quarter. Deducting inflation, the actual growth was 8.6 percent, according to the NBS.
The income gap between urban and rural residents narrowed with the actual income growth in rural China 2.9 percentage points higher than that in its urban areas in the first quarter, according to the NBS.
The average urban resident's per-capita disposable income reached 8,155 yuan in the first quarter. Deducting inflation, the actual growth was 7.2 percent year on year, according to the NBS. The average rural resident's per-capita cash income was 3,224 yuan. Deducting inflation, the actual growth rate was 10.1 percent year on year.
More peasants are leaving their hometown to work in other places, according to the NBS.
About 169.33 million peasants were working outside their hometown at the end of March, up 1.7 percent year on year. Their average income was 2,681 yuan per month at the end of March, up 10.1 percent year on year.
cirr
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Nuclear plants to get the nod
Last Updated: 2014-04-21
China Daily
Major projects to ensure power supply in coastal areas, boost economic growth
China is quickening its approvals for nuclear energy and will launch projects in coastal areas to ensure energy security and economic growth, according to the State Energy Commission. In a statement released on Sunday, the commission said it discussed strategic problems in the development of the energy resources industry as well as some major projects. The launch of new projects will resume at the proper time and will adopt the highest international safety standards, according to the commission, which met on Friday. The latest approvals of nuclear plants and other energy projects are part of the government's plan to push economic growth with minimal measures.
As the fastest-growing atomic energy nation, China will launch another 800 gigawatts of capacity for nuclear power this year, according to the National Energy Administration. That is in stark contrast to the two reactors with 221 gigawatts of capacity approved in 2013. Even so, experts argue that the country's reliance on nuclear power is still small. Its 20 reactors in operation contributed only 1.2 percent of the country's energy use in 2013, much lower than the world's average of 9.8 percent. Lin Boqiang, director of the Xiamen-based China Center for Energy Economic Research, said the central government has sent a clear signal that it is hastening the approval process of nuclear plants, which can increase clean power generation. Considering that wind and solar power still account for a small percentage of the country's power generation, nuclear power is the most effective choice for China, said Lin.
At Friday's meeting, the commission also announced its intention to start other energy projects including "reasonable" hydropower projects, if environmental protection and resident resettlement can be ensured.
Ultrahigh-voltage power transmission lines were also included in the plan this year. After completion, this technology - which refers to 1,000-volt A/C transmission or 800-volt D/C transmission - can transmit a large capacity of power from western provinces to energy-consuming areas in the east. Zhang Zhengling, deputy director of the State Grid's development and planning department, has said the lines are a way to optimize the distribution system, increase the efficient use of clean energy and improve the eco-environment in central and eastern China. As of January, China had completed the construction of five ultrahigh-voltage transmission lines. Two more had been submitted for approval and another six were in the works. The measure is also considered effective for combating smog in major cities as it allows long-distance transmission of electricity instead of coal.
Lin from the energy research center said China's energy reform is focused on sustainable development that can ease environmental problems and improve air quality. "That will lead to the reform of clean energy development and reduce the percentage of coal in the primary energy consumption mix," he said. "Coal consumption will not decrease in China because of its huge consumption base, but its share in the total energy consumption is reducing year by year," Lin said.
Last Updated: 2014-04-21
China Daily
Major projects to ensure power supply in coastal areas, boost economic growth
China is quickening its approvals for nuclear energy and will launch projects in coastal areas to ensure energy security and economic growth, according to the State Energy Commission. In a statement released on Sunday, the commission said it discussed strategic problems in the development of the energy resources industry as well as some major projects. The launch of new projects will resume at the proper time and will adopt the highest international safety standards, according to the commission, which met on Friday. The latest approvals of nuclear plants and other energy projects are part of the government's plan to push economic growth with minimal measures.
As the fastest-growing atomic energy nation, China will launch another 800 gigawatts of capacity for nuclear power this year, according to the National Energy Administration. That is in stark contrast to the two reactors with 221 gigawatts of capacity approved in 2013. Even so, experts argue that the country's reliance on nuclear power is still small. Its 20 reactors in operation contributed only 1.2 percent of the country's energy use in 2013, much lower than the world's average of 9.8 percent. Lin Boqiang, director of the Xiamen-based China Center for Energy Economic Research, said the central government has sent a clear signal that it is hastening the approval process of nuclear plants, which can increase clean power generation. Considering that wind and solar power still account for a small percentage of the country's power generation, nuclear power is the most effective choice for China, said Lin.
At Friday's meeting, the commission also announced its intention to start other energy projects including "reasonable" hydropower projects, if environmental protection and resident resettlement can be ensured.
Ultrahigh-voltage power transmission lines were also included in the plan this year. After completion, this technology - which refers to 1,000-volt A/C transmission or 800-volt D/C transmission - can transmit a large capacity of power from western provinces to energy-consuming areas in the east. Zhang Zhengling, deputy director of the State Grid's development and planning department, has said the lines are a way to optimize the distribution system, increase the efficient use of clean energy and improve the eco-environment in central and eastern China. As of January, China had completed the construction of five ultrahigh-voltage transmission lines. Two more had been submitted for approval and another six were in the works. The measure is also considered effective for combating smog in major cities as it allows long-distance transmission of electricity instead of coal.
Lin from the energy research center said China's energy reform is focused on sustainable development that can ease environmental problems and improve air quality. "That will lead to the reform of clean energy development and reduce the percentage of coal in the primary energy consumption mix," he said. "Coal consumption will not decrease in China because of its huge consumption base, but its share in the total energy consumption is reducing year by year," Lin said.
JSCh
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Construction of Largest Radio Telescope in Progress in Guizhou
2014-04-20 18:28:20 CRIENGLISH.com Web Editor: Sun Wanming
A distant view of the world's largest radio telescope under construction in southwest China's Guizhou province. [Photo: cntv.cn]
The world's largest radio telescope, currently under construction in southwest China's Guizhou province, has seen the completion of its outer steel framework.
The radio telescope has a bowl-shape surface measuring 500 meters in diameter, as large as 30 football pitches. The project is scheduled to be finished by September, 2016.
The world's largest radio telescope in southwest China's Guizhou province has completed the construction of its outer steel framework. [Photo: cntv.cn]
2014-04-20 18:28:20 CRIENGLISH.com Web Editor: Sun Wanming
A distant view of the world's largest radio telescope under construction in southwest China's Guizhou province. [Photo: cntv.cn]
The world's largest radio telescope, currently under construction in southwest China's Guizhou province, has seen the completion of its outer steel framework.
The radio telescope has a bowl-shape surface measuring 500 meters in diameter, as large as 30 football pitches. The project is scheduled to be finished by September, 2016.
The world's largest radio telescope in southwest China's Guizhou province has completed the construction of its outer steel framework. [Photo: cntv.cn]
shuttler
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金海重工首制32万吨原油轮- "福州号” 顺利出坞
2014-04-21
A 320,000 tons VLCC (Very Large Crude Container) - “ Fuzhou" built by Jinhai Heavy Industry is launched
Link
Multi-million pound cranes deal for Liverpool2
Apr 23, 2014 07:10
River-based terminal will be able to handle 90% of world's shipping fleet
Some of the Chinese-built cranes that will soon be seen riverside at the Liverpool2 development
Peel Ports Group has signed a multi-million pound deal with Shanghai-based Zhenhua Heavy Industries (ZPMC) for 17 “mega cranes” for its new £300m Liverpool2 container port.
ZPMC will initially supply five ship-to-shore (STS) megamax quay cranes and 12 cantilever rail-mounted gantry cranes (CRMGs) in phase one of the project, and a further three STS cranes and 10 CMRGs in phase two.
The contract is a major step forward in the construction of what will be one of Europe’s most advanced container facilities, scheduled to open at the end of 2015.
The combined handling capacity of the five “megamax” STS cranes and 12 CRMGs will increase the port’s productivity and efficiency, delivering major benefits and cost-savings for customers using the Port of Liverpool as their UK gateway.
Peel Ports Group chief executive Mark Whitworth said: “These cranes are a vital element in making Liverpool2 among the world’s fastest, most efficient container ports.
“The fact that we’ll be able to handle 90% of the global fleet at the Port of Liverpool will be a true game-changer for shipping lines.
“The cranes will help future-proof the UK’s most centrally positioned deep water port for growth.”
He added: “Combined with our recent multi-million pound investment in the world-leading Navis N4 terminal operating system, the facility will dramatically cut transfer time from port to road or rail, maximising our productivity.
“It’s a significant investment for the long term and the most important development at the Port of Liverpool in the last 20 years.”
Mr Liu Qizhong, ZPMC senior vice president said: “The specification set out by Peel Ports was extremely demanding.
“It is clear their ambition to set new standards in port handling technology is a serious one.
“The combination of deep water and cutting edge technologies sets a new standard for ports innovation in Europe.”
ZPMC, which is the largest heavy-duty equipment manufacturer in the world, has also chosen to site its UK service centre in Liverpool, to coincide with the arrival of the cranes in 2015.
A team of specialist engineers will provide round-the-clock operational support.
Link
2014-04-21
A 320,000 tons VLCC (Very Large Crude Container) - “ Fuzhou" built by Jinhai Heavy Industry is launched
Link
Multi-million pound cranes deal for Liverpool2
Apr 23, 2014 07:10
River-based terminal will be able to handle 90% of world's shipping fleet
Some of the Chinese-built cranes that will soon be seen riverside at the Liverpool2 development
Peel Ports Group has signed a multi-million pound deal with Shanghai-based Zhenhua Heavy Industries (ZPMC) for 17 “mega cranes” for its new £300m Liverpool2 container port.
ZPMC will initially supply five ship-to-shore (STS) megamax quay cranes and 12 cantilever rail-mounted gantry cranes (CRMGs) in phase one of the project, and a further three STS cranes and 10 CMRGs in phase two.
The contract is a major step forward in the construction of what will be one of Europe’s most advanced container facilities, scheduled to open at the end of 2015.
The combined handling capacity of the five “megamax” STS cranes and 12 CRMGs will increase the port’s productivity and efficiency, delivering major benefits and cost-savings for customers using the Port of Liverpool as their UK gateway.
Peel Ports Group chief executive Mark Whitworth said: “These cranes are a vital element in making Liverpool2 among the world’s fastest, most efficient container ports.
“The fact that we’ll be able to handle 90% of the global fleet at the Port of Liverpool will be a true game-changer for shipping lines.
“The cranes will help future-proof the UK’s most centrally positioned deep water port for growth.”
He added: “Combined with our recent multi-million pound investment in the world-leading Navis N4 terminal operating system, the facility will dramatically cut transfer time from port to road or rail, maximising our productivity.
“It’s a significant investment for the long term and the most important development at the Port of Liverpool in the last 20 years.”
Mr Liu Qizhong, ZPMC senior vice president said: “The specification set out by Peel Ports was extremely demanding.
“It is clear their ambition to set new standards in port handling technology is a serious one.
“The combination of deep water and cutting edge technologies sets a new standard for ports innovation in Europe.”
ZPMC, which is the largest heavy-duty equipment manufacturer in the world, has also chosen to site its UK service centre in Liverpool, to coincide with the arrival of the cranes in 2015.
A team of specialist engineers will provide round-the-clock operational support.
Link
Last edited:
shuttler
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Cosco bags contracts for two PSVs and four ERRVs
Posted on Apr 21st, 2014
COSCO Corporation (Singapore) Limited has announced that two shipbuilding contracts signed by COSCO (Guangdong) Shipyard Co., Ltd, a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd, with a European ship owner for the construction of two PX121 Platform Supply Vessels have been declared effective.
The two vessels are expected to be delivered in the first and second quarters of 2016 respectively.
Additionally, the ship owner has an option to render effective, within six months, two contracts for the construction of similar PX121 PSVs. The Company will announce when the shipbuilding contracts under the option are declared effective.
The Board of Directors of Cosco Corporation has also announced that COSCO (Dalian) Shipyard Co., Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd, has secured a contract from an Asian company to build four Emergency Response / Rescue / Field Support Vessels.
The four vessels are scheduled for delivery in the first half of 2016.
These two effective contracts for four Emergency Response / Rescue / Field Support Vessels and two PX121 Platform Supply Vessels have a value of approximately $100 million in total, excluding owner-furnished equipment.
Posted on Apr 21st, 2014
COSCO Corporation (Singapore) Limited has announced that two shipbuilding contracts signed by COSCO (Guangdong) Shipyard Co., Ltd, a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd, with a European ship owner for the construction of two PX121 Platform Supply Vessels have been declared effective.
The two vessels are expected to be delivered in the first and second quarters of 2016 respectively.
Additionally, the ship owner has an option to render effective, within six months, two contracts for the construction of similar PX121 PSVs. The Company will announce when the shipbuilding contracts under the option are declared effective.
The Board of Directors of Cosco Corporation has also announced that COSCO (Dalian) Shipyard Co., Ltd., a subsidiary of the Company’s 51% owned subsidiary, COSCO Shipyard Group Co., Ltd, has secured a contract from an Asian company to build four Emergency Response / Rescue / Field Support Vessels.
The four vessels are scheduled for delivery in the first half of 2016.
These two effective contracts for four Emergency Response / Rescue / Field Support Vessels and two PX121 Platform Supply Vessels have a value of approximately $100 million in total, excluding owner-furnished equipment.
Beidou2020
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The total value of private Chinese invested capital reached 9.41 trillion yuan ($1.52 trillion)last year, an annual growth rate of 13.3 percent, a wealth management survey found.
The increase was primarily driven by deposits and cash as well as the rise of property values,according to the Chinese Mass Affluent Report 2014, published by Forbes China andCreditEase, a Beijing based wealth-management firm.
This is the annual report's second year. It focuses onChinese middle-class wealth. The affluent were defined bypersonal investment capital, which ranged from 0.6 millionyuan to 6 million yuan. Those funds include cash, stock,funds, bond, insurance and other financing products andproperty for investment.
There were 11.97 million Chinese bracketed as middleclass at end-2013, and their number is expected to reach14.01 million by end-2014, the report said. Those aged 30to 50 accounted for 60 percent of the interviewees.
About 53.8 percent of this group has a bachelor's degreeand nearly 10 percent hold master's degrees and above.Those interviewed worked mostly in the financial, tradeand manufacturing industries.
The middle class's most popular investment products arebanking products, real estate and stocks. About 41.7percent of those surveyed have participated in Internetfinancing and investment.
The report found that happiness among the affluent rose,with 66.5 percent of those interviewed saying they are happier compared with a year before.Of those asked, 74.7 percent said they are stressed while 10.5 percent were coping withserious pressure and 23.3 percent said they felt none.
China's capital market performance in 2013 weakened middle-class sentiment to invest.About 86.4 percent have made a personal capital investment and only 81.3 percent of themplan to invest, down from 83.2 percent the year before.
Most middle-class Chinese own their own home; 15.5 percent have more than threeproperties.
About 57.9 percent surveyed said they have no loans while just more than one-in-five hadpaid off 75 percent of their mortgage.
Private investment up by 13.3% in 2013 - Business - Chinadaily.com.cn
BEIJING - China's small and medium-sized industrial companies showed resilience toeconomic slowdown, with double-digit growth in both revenue and profits last year, officialfigures showed on Saturday.
Industrial SMEs reported a 13.9 percent increase in revenue from their main businesses anda 15.8-percent rise in profits, according to the Ministry of Industry and InformationTechnology.
The data were collected from industrial SMEs with annual business revenue of more than 20million yuan ($3.2 million) from their main business operations.
While acknowledging their vitality, the ministry warned of daunting challenges including highfinancing costs and weak demand.
To help SMEs fare better, provide steady jobs and support growth, authorities have adoptedpolicies such as tax breaks to ease their burden.
China's industrial SMEs see steady growth - Business - Chinadaily.com.cn
The increase was primarily driven by deposits and cash as well as the rise of property values,according to the Chinese Mass Affluent Report 2014, published by Forbes China andCreditEase, a Beijing based wealth-management firm.
This is the annual report's second year. It focuses onChinese middle-class wealth. The affluent were defined bypersonal investment capital, which ranged from 0.6 millionyuan to 6 million yuan. Those funds include cash, stock,funds, bond, insurance and other financing products andproperty for investment.
There were 11.97 million Chinese bracketed as middleclass at end-2013, and their number is expected to reach14.01 million by end-2014, the report said. Those aged 30to 50 accounted for 60 percent of the interviewees.
About 53.8 percent of this group has a bachelor's degreeand nearly 10 percent hold master's degrees and above.Those interviewed worked mostly in the financial, tradeand manufacturing industries.
The middle class's most popular investment products arebanking products, real estate and stocks. About 41.7percent of those surveyed have participated in Internetfinancing and investment.
The report found that happiness among the affluent rose,with 66.5 percent of those interviewed saying they are happier compared with a year before.Of those asked, 74.7 percent said they are stressed while 10.5 percent were coping withserious pressure and 23.3 percent said they felt none.
China's capital market performance in 2013 weakened middle-class sentiment to invest.About 86.4 percent have made a personal capital investment and only 81.3 percent of themplan to invest, down from 83.2 percent the year before.
Most middle-class Chinese own their own home; 15.5 percent have more than threeproperties.
About 57.9 percent surveyed said they have no loans while just more than one-in-five hadpaid off 75 percent of their mortgage.
Private investment up by 13.3% in 2013 - Business - Chinadaily.com.cn
BEIJING - China's small and medium-sized industrial companies showed resilience toeconomic slowdown, with double-digit growth in both revenue and profits last year, officialfigures showed on Saturday.
Industrial SMEs reported a 13.9 percent increase in revenue from their main businesses anda 15.8-percent rise in profits, according to the Ministry of Industry and InformationTechnology.
The data were collected from industrial SMEs with annual business revenue of more than 20million yuan ($3.2 million) from their main business operations.
While acknowledging their vitality, the ministry warned of daunting challenges including highfinancing costs and weak demand.
To help SMEs fare better, provide steady jobs and support growth, authorities have adoptedpolicies such as tax breaks to ease their burden.
China's industrial SMEs see steady growth - Business - Chinadaily.com.cn
shuttler
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Nepal to receive first China-made plane
Updated: 2014-03-25 16:38
(Xinhua)
图为中国交付尼泊尔首架新舟60客机飞抵加德满都。符永康摄
First China-made airplane MA60 touches down on Kathmandu Airport
图为中国驻尼泊尔大使吴春太（前排左三）等前往“接机”。符永康摄
China's Amabassador Mr Wu Chuntai (3rd from left on front row) to Nepal is taking a photo
with the VIPs of Nepal on the occasion
图为尼泊尔举行传统祈祷仪式，迎接中国交付的首架新舟60飞机。符永康摄
The plane is blessed with Nepal's religious rituals
KATHMANDU - Nepal's national flag carrier that has remained with only one aircraft at the moment is all set to receive the first China made air carrier on April 28, officials confirmed.
Nepal Airlines Corporation (NAC) received a 'delivery date' from the Chinese authority a week ago as per which the northern neighbor will first deliver one 58-seater Modern Ark 60 (MA60) on April 28 and will dispatch other five airplanes by the end of October this year.
"As per the letter we received from the Chinese government, we will have all aircraft from China within this year," Ram Hari Sharma, NAC spokesperson told Xinhua on Tuesday.
The NAC has been procuring and purchasing six aircraft made in China. The agreement in this regard was signed between the two countries on December 28, last year, according to which Nepal will acquire two aircraft - 19-seater Harbin Y12E and 58-seater Modern Ark 60 (MA60) - on grant and three Harbin Y12E and a MA60 on concessional loan.
"We will bring the first Chinese plane into operation within the first week of May as we have no aircraft currently to operate in local destinations," added Sharma. NAC currently possesses only one air carrier, Boeing 757, to make international flights. The only twin otter operated by the government-owned aviation company has remained grounded for last two weeks after developing problem in its engine, while the company lost its decades-old twin otter in the crash on February 16, killing all 18 on board.
Officials said as per the delivery date confirmed and dispatched by the Chinese authority, Nepal will receive the second air craft, a 19-seater Harbin Y12E on June 30 and another MA60 on September 30.
"The Chinese side has confirmed to deliver all remaining three Harbin Y12E on October 28 this year," NAC chief Madan Kharel said.
He also said NAC has begun preparations to ensure sound operation this time with plans to make direct flights to all destinations across the country. All of the China-made aircraft will be used for domestic flights connecting a number of destinations, including Biratnagar, Pokhara, Bhairawaha, Bhadrapur, Dhangadi and Nepalgunj, directly from Kathmandu after one and a half decade of halting the operation in these destinations.
This is the first time that NAC has been purchasing any new aircraft since it bought a twin otter in 1984.
LINK
Updated: 2014-03-25 16:38
(Xinhua)
图为中国交付尼泊尔首架新舟60客机飞抵加德满都。符永康摄
First China-made airplane MA60 touches down on Kathmandu Airport
图为中国驻尼泊尔大使吴春太（前排左三）等前往“接机”。符永康摄
China's Amabassador Mr Wu Chuntai (3rd from left on front row) to Nepal is taking a photo
with the VIPs of Nepal on the occasion
图为尼泊尔举行传统祈祷仪式，迎接中国交付的首架新舟60飞机。符永康摄
The plane is blessed with Nepal's religious rituals
KATHMANDU - Nepal's national flag carrier that has remained with only one aircraft at the moment is all set to receive the first China made air carrier on April 28, officials confirmed.
Nepal Airlines Corporation (NAC) received a 'delivery date' from the Chinese authority a week ago as per which the northern neighbor will first deliver one 58-seater Modern Ark 60 (MA60) on April 28 and will dispatch other five airplanes by the end of October this year.
"As per the letter we received from the Chinese government, we will have all aircraft from China within this year," Ram Hari Sharma, NAC spokesperson told Xinhua on Tuesday.
The NAC has been procuring and purchasing six aircraft made in China. The agreement in this regard was signed between the two countries on December 28, last year, according to which Nepal will acquire two aircraft - 19-seater Harbin Y12E and 58-seater Modern Ark 60 (MA60) - on grant and three Harbin Y12E and a MA60 on concessional loan.
"We will bring the first Chinese plane into operation within the first week of May as we have no aircraft currently to operate in local destinations," added Sharma. NAC currently possesses only one air carrier, Boeing 757, to make international flights. The only twin otter operated by the government-owned aviation company has remained grounded for last two weeks after developing problem in its engine, while the company lost its decades-old twin otter in the crash on February 16, killing all 18 on board.
Officials said as per the delivery date confirmed and dispatched by the Chinese authority, Nepal will receive the second air craft, a 19-seater Harbin Y12E on June 30 and another MA60 on September 30.
"The Chinese side has confirmed to deliver all remaining three Harbin Y12E on October 28 this year," NAC chief Madan Kharel said.
He also said NAC has begun preparations to ensure sound operation this time with plans to make direct flights to all destinations across the country. All of the China-made aircraft will be used for domestic flights connecting a number of destinations, including Biratnagar, Pokhara, Bhairawaha, Bhadrapur, Dhangadi and Nepalgunj, directly from Kathmandu after one and a half decade of halting the operation in these destinations.
This is the first time that NAC has been purchasing any new aircraft since it bought a twin otter in 1984.
LINK
shuttler
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ICBC to Acquire Majority Stake in Turkish Bank
Chinese Lender to Pay $316 Million for Control of Tekstil Bankasi
April 29, 2014
Industrial and Commercial Bank of China said that it will pay $316 million for a 75.5% stake in Turkey's Tekstil Bankasi A.S. , or Tekstilbank, giving China's most acquisitive lender a foothold in an important emerging market
According to a statement posted on the Hong Kong Stock Exchange on Tuesday, China's biggest bank by assets will buy the stake from GSD Holding, a Turkish firm involved in financial services and shipping. ICBC will also offer to buy all other shares outstanding.
More from this Link
(The) Nation tops global growth markets in PwC survey
By Wang Xinyuan Source: Global Times Published: 2014-4-28 23:08:02
China remains on top of the most important growth markets globally, though local CEOs have concerns about increasing tax burden and the lack of stability in the capital market, according to PricewaterhouseCoopers' (PwC) latest annual global CEO survey released on Monday.
Thirty-three percent of 1,344 global CEOs from 68 countries and regions believe that China is the most important growth market for their corporations this year, PwC's 17th annual report stated. In last year's survey, 31 percent of the senior executives said the same.
In terms of importance, China is followed by the US which won 30 percent of the executives' votes, and Germany with a 17 percent share among the executives surveyed.
It is interesting to notice that 62 percent of Japanese executives regarded China as the most important market for growth, while only 15 percent of China's CEOs said Japan's market is the most important for them, PwC said.
"The survey shows that China is still the most important growth driver for the global economy, and Japan's reliance on China is greater than China's dependence on the Japanese economy," said David Wu, a partner at PwC China, at a press conference on Monday.
A recent survey by the American Chamber of Commerce in China also indicates that China remains in the top three destinations for foreign investment, and over 70 percent of the American firms still plan to increase investment in this country for 2014.
Increasing tax burden followed by rising labor costs and lack of stability in capital markets are the top three concerns of China's executives, the PwC's survey showed.
Various administrative fees add to the tax burden of corporates, Wu said.
Fifty-six of the CEOs in China surveyed said that ensuring financial sector stability and access to affordable capital is what they want most from the government, followed by 53 percent hoping that authorities can create a more internationally competitive and efficient tax system.
Corporations' financing is heavily reliant on bank loans, and China's A-share market financing is not always reliable, Wu told the Global Times on Monday.
About 70-80 percent of the corporate financing is in the form of bank loans, Wu said.
Long intervals for IPOs add to the uncertainty of the stock market, he noted.
The A-share IPO review is to be resumed on Wednesday after a 18-month hiatus since the IPO reform, according to the China Securities Regulatory Commission (CSRC), which is trying to sort out the new listings of about 600 cash-starved firms that have been in a queue since the end of 2012.
On the other hand, the A shares have been hit by concerns about a potential stock oversupply after the CSRC released draft prospectuses for 122 new firms planning to list as of Friday.
"A new worry is that China is entering a tricky period of moving to a more market- and risk-based financial sector," rating agency Standard & Poor's said in a report e-mailed to the Global Times on Monday.
A source of risk lies with the fast-growing shadow banking activities or credit outside the banking sector, especially the high-yield wealth management products sold through the State-guaranteed banks for fueling debt-laden local government financing vehicles and bubbling property market, according to the S&P.
Link
Chinese Lender to Pay $316 Million for Control of Tekstil Bankasi
April 29, 2014
Industrial and Commercial Bank of China said that it will pay $316 million for a 75.5% stake in Turkey's Tekstil Bankasi A.S. , or Tekstilbank, giving China's most acquisitive lender a foothold in an important emerging market
According to a statement posted on the Hong Kong Stock Exchange on Tuesday, China's biggest bank by assets will buy the stake from GSD Holding, a Turkish firm involved in financial services and shipping. ICBC will also offer to buy all other shares outstanding.
More from this Link
(The) Nation tops global growth markets in PwC survey
By Wang Xinyuan Source: Global Times Published: 2014-4-28 23:08:02
China remains on top of the most important growth markets globally, though local CEOs have concerns about increasing tax burden and the lack of stability in the capital market, according to PricewaterhouseCoopers' (PwC) latest annual global CEO survey released on Monday.
Thirty-three percent of 1,344 global CEOs from 68 countries and regions believe that China is the most important growth market for their corporations this year, PwC's 17th annual report stated. In last year's survey, 31 percent of the senior executives said the same.
In terms of importance, China is followed by the US which won 30 percent of the executives' votes, and Germany with a 17 percent share among the executives surveyed.
It is interesting to notice that 62 percent of Japanese executives regarded China as the most important market for growth, while only 15 percent of China's CEOs said Japan's market is the most important for them, PwC said.
"The survey shows that China is still the most important growth driver for the global economy, and Japan's reliance on China is greater than China's dependence on the Japanese economy," said David Wu, a partner at PwC China, at a press conference on Monday.
A recent survey by the American Chamber of Commerce in China also indicates that China remains in the top three destinations for foreign investment, and over 70 percent of the American firms still plan to increase investment in this country for 2014.
Increasing tax burden followed by rising labor costs and lack of stability in capital markets are the top three concerns of China's executives, the PwC's survey showed.
Various administrative fees add to the tax burden of corporates, Wu said.
Fifty-six of the CEOs in China surveyed said that ensuring financial sector stability and access to affordable capital is what they want most from the government, followed by 53 percent hoping that authorities can create a more internationally competitive and efficient tax system.
Corporations' financing is heavily reliant on bank loans, and China's A-share market financing is not always reliable, Wu told the Global Times on Monday.
About 70-80 percent of the corporate financing is in the form of bank loans, Wu said.
Long intervals for IPOs add to the uncertainty of the stock market, he noted.
The A-share IPO review is to be resumed on Wednesday after a 18-month hiatus since the IPO reform, according to the China Securities Regulatory Commission (CSRC), which is trying to sort out the new listings of about 600 cash-starved firms that have been in a queue since the end of 2012.
On the other hand, the A shares have been hit by concerns about a potential stock oversupply after the CSRC released draft prospectuses for 122 new firms planning to list as of Friday.
"A new worry is that China is entering a tricky period of moving to a more market- and risk-based financial sector," rating agency Standard & Poor's said in a report e-mailed to the Global Times on Monday.
A source of risk lies with the fast-growing shadow banking activities or credit outside the banking sector, especially the high-yield wealth management products sold through the State-guaranteed banks for fueling debt-laden local government financing vehicles and bubbling property market, according to the S&P.
Link
Last edited:
shuttler
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BYD QIN is China's Q1-2014 Best-Selling Electric Vehicle
IN ELECTRIC CAR NEWS / BY EDITORIAL STAFF / ON MARCH 21, 2014 AT 5:15 AM /
The BYD QIN with second-generation, dual-mode electric drive and a 1.5L Turbo Charged engine which together delivers 300 HP
BYD Qin Powertrain
Above 2 pics credit: insideevs.com
BYD’s second-generation Dual-Mode, Plug-in Hybrid Electric sedan, the QIN, has set a second record month of sales in February. Trends in March now make it “China’s Best-Selling Electric Vehicle” according to China’s National Passenger Car Association.
After its launch in China this past December, the BYD QIN (pronounced “cheen”) has been selling at record numbers, so much that BYD says it has had trouble meeting demand.
In the first weeks of 2014, more than 6,000 vehicles were sold accounting for over half (50%) of the Chinese new-energy vehicle market. Analysts are not expecting sales to slow down any time soon as both Shanghai and Beijing announced earlier this month that they will now permit BYD new energy vehicles to qualify for local municipality green-vehicle incentives and be licensed in those regions. These signals along with the Chinese government’s new fund committed for clean-air and fuel-efficient technologies in the form of consumer and government purchasing incentives are launching a new era in the China domestic automobile industry.
BYD Senior Vice President Stella Li stated, “the news that QIN is a top selling vehicle should come as no surprise as there is simply no other vehicle this fast, efficient, stylish and affordable on the market, anywhere.”
The dual mode BYD Qin can accelerate from 0 to 100kph (62 mph) in just 5.9 seconds and has a top speed of 185kph (115 mph) with a claimed overall fuel consumption of up to 1.6 L/100km (176.6 mpg UK or 147 mpg US). The QIN is currently available to domestic Chinese and Latin American markets and senior officials at BYD have discussed expanding exported versions of these new energy vehicles in the coming years.
LINK
IN ELECTRIC CAR NEWS / BY EDITORIAL STAFF / ON MARCH 21, 2014 AT 5:15 AM /
The BYD QIN with second-generation, dual-mode electric drive and a 1.5L Turbo Charged engine which together delivers 300 HP
BYD Qin Powertrain
Above 2 pics credit: insideevs.com
BYD’s second-generation Dual-Mode, Plug-in Hybrid Electric sedan, the QIN, has set a second record month of sales in February. Trends in March now make it “China’s Best-Selling Electric Vehicle” according to China’s National Passenger Car Association.
After its launch in China this past December, the BYD QIN (pronounced “cheen”) has been selling at record numbers, so much that BYD says it has had trouble meeting demand.
In the first weeks of 2014, more than 6,000 vehicles were sold accounting for over half (50%) of the Chinese new-energy vehicle market. Analysts are not expecting sales to slow down any time soon as both Shanghai and Beijing announced earlier this month that they will now permit BYD new energy vehicles to qualify for local municipality green-vehicle incentives and be licensed in those regions. These signals along with the Chinese government’s new fund committed for clean-air and fuel-efficient technologies in the form of consumer and government purchasing incentives are launching a new era in the China domestic automobile industry.
BYD Senior Vice President Stella Li stated, “the news that QIN is a top selling vehicle should come as no surprise as there is simply no other vehicle this fast, efficient, stylish and affordable on the market, anywhere.”
The dual mode BYD Qin can accelerate from 0 to 100kph (62 mph) in just 5.9 seconds and has a top speed of 185kph (115 mph) with a claimed overall fuel consumption of up to 1.6 L/100km (176.6 mpg UK or 147 mpg US). The QIN is currently available to domestic Chinese and Latin American markets and senior officials at BYD have discussed expanding exported versions of these new energy vehicles in the coming years.
LINK
cirr
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China’s BYD hailed in California as Toyota exits to Texas
April 29, 2014 - 6:41 am ET
LOS ANGELES (Bloomberg) -- BYD Co., the Chinese automaker partly owned by Warren Buffett’s Berkshire Hathaway Inc., rolled out the first two electric buses from its California factory as it pushes into the U.S. and Canadian markets.
The 40-foot battery-powered vehicles were to be delivered to the Antelope Valley Transit Authority in northern Los Angles County, where BYD has its U.S. headquarters in the city of Lancaster.
“BYD is the harbinger of things to come,” said California Gov. Jerry Brown, who led a trade mission to China in April last year and toured the BYD factory Monday. “This is the great dream.”
Brown’s visit came on the day that Japan’s Toyota Motor Corp. said it will move about 2,000 people from its U.S. sales base in Torrance, Calif., to a new North American headquarters to suburban Dallas. Brown, a 76-year-old Democrat, is seeking re-election against Republicans who have said California’s high taxes and strict regulations push businesses out of the state.
Brown didn’t mention Toyota in his remarks at BYD and took no questions from reporters.
The move is a win for Texas Governor Rick Perry’s campaign to lure California companies and a blow to the Golden State, the biggest U.S. auto market and proponent of the strictest clean-air rules.
BYD Motors, which now employs 60 people at its plant, expects its payroll to reach 100 by the end of this year and grow to 200 in 2015, CEO Stella Li said.
Orders, evaluations
The Lancaster factory has orders from Stanford University in Palo Alto, Calif., and the Los Angeles County Metropolitan Transportation Authority, said Michael Austin, vice president of BYD’s U.S. unit. Its buses are being evaluated by Ottawa, Montreal, New York and the Los Angeles Transportation Department he said.
The Shenzhen, China, automaker is the world’s largest producer of electric buses, having manufactured more than 1,300 such vehicles, according to an e-mailed statement.
BYD plans to make 200 buses annually by the end of 2015, Austin said earlier this month in an interview at the Beijing motor show.
Auto plans
Besides buses, BYD plans to introduce about four passenger- car models for its U.S. debut at the end of 2015, Li said in an interview in January. Though BYD wasn’t ready when it earlier sought to enter the U.S. car market in 2010, the company is more prepared this time, she said.
BYD has revived plans to sell new stock equivalent to as much as 20 percent of its Hong Kong-traded shares, people familiar with the matter said last month. The company submitted an application with the China Securities Regulatory Commission, the people said, asking not to be identified because the proposal hasn’t been made public.
The funds would give the company room to step up investments and bolster production of electric cars and buses. Selling shares would also help alleviate the strain on a balance sheet that’s seen net debt surge last year to a record.
Chinaâs BYD hailed in California as Toyota exits to Texas
April 29, 2014 - 6:41 am ET
LOS ANGELES (Bloomberg) -- BYD Co., the Chinese automaker partly owned by Warren Buffett’s Berkshire Hathaway Inc., rolled out the first two electric buses from its California factory as it pushes into the U.S. and Canadian markets.
The 40-foot battery-powered vehicles were to be delivered to the Antelope Valley Transit Authority in northern Los Angles County, where BYD has its U.S. headquarters in the city of Lancaster.
“BYD is the harbinger of things to come,” said California Gov. Jerry Brown, who led a trade mission to China in April last year and toured the BYD factory Monday. “This is the great dream.”
Brown’s visit came on the day that Japan’s Toyota Motor Corp. said it will move about 2,000 people from its U.S. sales base in Torrance, Calif., to a new North American headquarters to suburban Dallas. Brown, a 76-year-old Democrat, is seeking re-election against Republicans who have said California’s high taxes and strict regulations push businesses out of the state.
Brown didn’t mention Toyota in his remarks at BYD and took no questions from reporters.
The move is a win for Texas Governor Rick Perry’s campaign to lure California companies and a blow to the Golden State, the biggest U.S. auto market and proponent of the strictest clean-air rules.
BYD Motors, which now employs 60 people at its plant, expects its payroll to reach 100 by the end of this year and grow to 200 in 2015, CEO Stella Li said.
Orders, evaluations
The Lancaster factory has orders from Stanford University in Palo Alto, Calif., and the Los Angeles County Metropolitan Transportation Authority, said Michael Austin, vice president of BYD’s U.S. unit. Its buses are being evaluated by Ottawa, Montreal, New York and the Los Angeles Transportation Department he said.
The Shenzhen, China, automaker is the world’s largest producer of electric buses, having manufactured more than 1,300 such vehicles, according to an e-mailed statement.
BYD plans to make 200 buses annually by the end of 2015, Austin said earlier this month in an interview at the Beijing motor show.
Auto plans
Besides buses, BYD plans to introduce about four passenger- car models for its U.S. debut at the end of 2015, Li said in an interview in January. Though BYD wasn’t ready when it earlier sought to enter the U.S. car market in 2010, the company is more prepared this time, she said.
BYD has revived plans to sell new stock equivalent to as much as 20 percent of its Hong Kong-traded shares, people familiar with the matter said last month. The company submitted an application with the China Securities Regulatory Commission, the people said, asking not to be identified because the proposal hasn’t been made public.
The funds would give the company room to step up investments and bolster production of electric cars and buses. Selling shares would also help alleviate the strain on a balance sheet that’s seen net debt surge last year to a record.
Chinaâs BYD hailed in California as Toyota exits to Texas
cirr
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Telecom Operators Dial Up Cooperation
2014-05-02 11:13:40 China Daily Web Editor: Fu Yu
Three telecom operators are researching the possibility of setting up a telecom infrastructure company that would be responsible for construction of base stations for mobile networks.
The Ministry of Industry and Information Technology said on Wednesday night that the three telecom carriers - China Mobile, China Unicom and China Telecom - are in discussions to build a collective company.
The ministry's announcement came in response to a report from Caijing.com that the carriers are going to lease network resources from a new company.
While the ministry said the new company would lead and coordinate construction of telecommunications infrastructure, it did not reveal whether the company would shoulder the responsibility of running and maintaining the network.
"Establishing the company is good for saving energy and environmental protection. Also, it will lower the construction cost of the telecom industry. Thus it ultimately benefits telecom service users," the ministry said.
China Mobile issued a statement on Wednesday night admitting involvement in the new company's founding. "Related works are underway," it said.
China Unicom replied that all parties are still discussing the issue and have yet to reach an agreement.
China Telecom, the smallest mobile network operator, said the purpose of launching a new infrastructure company is to promote resource sharing, as well as lower construction and operating costs.
China is going to embrace a new wave of base station construction because of the commercial rollout of the 4G network.
Large construction projects are very likely to encounter severe problems of overlapping investment, misuse of land resources and unwanted energy consumption. China Mobile has vowed to build or update 500,000 base stations for its 4G network by the end of the year, while the other two carriers are very likely to catch up.
"The average cost of one base station is about 1 million yuan ($159,000) and it takes even larger amounts of money for maintenance," said Xu Yong, a Beijing-based industry insider.
If three telecom operators collectively shut 100,000 base stations, they will save more than 20 billion yuan, he added.
Meanwhile, it is getting harder for operators to find new sites for building 4G base stations.
"A new joint venture will help get the work done and step up the pace of China's 4G network development," he said.
Telecom Operators Dial Up Cooperation
2014-05-02 11:13:40 China Daily Web Editor: Fu Yu
Three telecom operators are researching the possibility of setting up a telecom infrastructure company that would be responsible for construction of base stations for mobile networks.
The Ministry of Industry and Information Technology said on Wednesday night that the three telecom carriers - China Mobile, China Unicom and China Telecom - are in discussions to build a collective company.
The ministry's announcement came in response to a report from Caijing.com that the carriers are going to lease network resources from a new company.
While the ministry said the new company would lead and coordinate construction of telecommunications infrastructure, it did not reveal whether the company would shoulder the responsibility of running and maintaining the network.
"Establishing the company is good for saving energy and environmental protection. Also, it will lower the construction cost of the telecom industry. Thus it ultimately benefits telecom service users," the ministry said.
China Mobile issued a statement on Wednesday night admitting involvement in the new company's founding. "Related works are underway," it said.
China Unicom replied that all parties are still discussing the issue and have yet to reach an agreement.
China Telecom, the smallest mobile network operator, said the purpose of launching a new infrastructure company is to promote resource sharing, as well as lower construction and operating costs.
China is going to embrace a new wave of base station construction because of the commercial rollout of the 4G network.
Large construction projects are very likely to encounter severe problems of overlapping investment, misuse of land resources and unwanted energy consumption. China Mobile has vowed to build or update 500,000 base stations for its 4G network by the end of the year, while the other two carriers are very likely to catch up.
"The average cost of one base station is about 1 million yuan ($159,000) and it takes even larger amounts of money for maintenance," said Xu Yong, a Beijing-based industry insider.
If three telecom operators collectively shut 100,000 base stations, they will save more than 20 billion yuan, he added.
Meanwhile, it is getting harder for operators to find new sites for building 4G base stations.
"A new joint venture will help get the work done and step up the pace of China's 4G network development," he said.
Telecom Operators Dial Up Cooperation
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